Stockholders' Equity
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Stockholders' Equity
Note 11 - Stockholders' Equity

Changes in Stockholders' Equity    

    The following table presents the changes in Stockholders' Equity for the following interim periods.
Stockholders' Equity March 31, 2020June 30, 2020September 30, 2020March 31, 2019June 30, 2019September 30, 2019
Balance, beginning of quarter$1,436,707 $786,250 $851,231 $1,125,313 $1,486,553 $1,376,048 
Series A Preferred dividends ($0.171875 per share)
— — — (1,124)(1,125)— 
Series B Preferred dividends ($0.1640625 per share)
(1,375)— — (3,135)(3,149)(3,410)
Series C Preferred dividends ($0.14583 per share)
(1,452)(2,320)(2,320)— — — 
Common stock dividends (1)
(30,377)(5,876)(19,590)(29,814)(34,198)(30,288)
Series A Preferred Stock, called for redemption— — — — (54,514)— 
Series B Preferred Stock, called for redemption(209,583)— — — — — 
Issuance of Series B Preferred Stock— — — — 3,354 17,124 
Issuance of Series C Preferred Stock129,221 (125)— — — — 
Issuance of Common stock, net— 48,886 — 321,892 — (32)
Stock based compensation, net of withholding requirements1,001 1,022 1,028 644 658 737 
Common Stock repurchased, net(777)— — — (11,340)(5,625)
Net income (loss)(406,659)51,748 58,386 (114,381)(183,250)(60,955)
Other comprehensive income (loss)(130,456)(28,354)3,534 187,158 173,059 89,341 
Balance, end of quarter$786,250 $851,231 $892,269 $1,486,553 $1,376,048 $1,382,940 
(1)    See the below table for common stock dividends per share for the nine months ended September 30, 2020. Monthly common stock dividends were $0.19 per share from January 2019 through June 2019, and $0.17 per share from July 2019 through September 2019.

Preferred Stock
 
    At September 30, 2020 and December 31, 2019, we were authorized to issue up to 50,000 shares of preferred stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board of Directors (“Board”) or a committee thereof. On June 24, 2019, we filed Articles
Supplementary with the State Department of Assessments and Taxation of the State of Maryland to designate 10,320 shares of the Company’s authorized preferred stock, par value $0.001 per share, as additional shares of 7.875% Series B Preferred Stock, thereby increasing the aggregate number of shares of preferred stock designated as Series B Preferred Stock to 17,970 shares. Shares designated as Series B Preferred Stock but unissued totaled 9,587 at December 31, 2019. On January 28, 2020, we filed Articles Supplementary with the Department to designate 10,000 shares of the Company’s authorized preferred stock, par value $0.001 per share, as shares of 7.00% Series C Preferred Stock with the powers, designations, preferences and other rights as set forth therein. At September 30, 2020, a total of 31,617 shares of our authorized preferred stock remain available for designation as future series.

     Series B Cumulative Preferred Stock - Called for redemption, (February 27, 2020) “Series B Preferred Stock”

    On January 24, 2020, the Company mailed a notice of full redemption (the “Notice”) of all 8,383 issued and outstanding shares of its 7.875% Series B Preferred Stock ($25.00 per share, $209,583 in the aggregate liquidation preference) to the holders of record of its Series B Preferred Stock as of January 13, 2020. Pursuant to this redemption, each share of Series B Preferred Stock was canceled and represented solely the right to receive cash in the amount of $25.00 per share of Series B Preferred Stock on February 27, 2020. Pursuant to the terms of the Series B Preferred Stock, holders of record of the Series B Preferred Stock on February 15, 2020 received the full monthly dividend for February. The final dividend amount of $1,375 was paid on February 27, 2020 and was recorded as other expense in our consolidated statements of operations.

    At December 31, 2019, we had 8,383 shares of Series B Preferred Stock issued and outstanding with a par value of $0.001 per share and a liquidation preference of $25.00 per share, or $209,583, in the aggregate. Shares designated as Series B Preferred Stock but unissued totaled 9,587 at December 31, 2019. At December 31, 2019, there were no accrued or unpaid dividends on the Series B Preferred Stock. The Series B Preferred Stock was entitled to a dividend at a rate of 7.875% per year based on the $25.00 per share liquidation preference before the common stock was entitled to receive any dividends.

    On March 2, 2020, we terminated the Equity Sales Agreement (the “Preferred B ATM Sales Agreement”) with BUCKLER and B. Riley FBR, Inc., as sales agents, relating to an "at-the-market" offering program for our Series B Preferred Stock, dated as of June 24, 2019. The Preferred B ATM Sales Agreement allowed us to offer and sell, over a period of time and from time to time, up to 9,000 shares of our Series B Preferred Stock. At the date of termination, we sold 1,914 shares under this agreement for proceeds of $47,306, net of issuance costs and commissions of approximately $689. We did not incur any termination penalties as a result of this termination.
    
    On March 4, 2020, we terminated the 2019 Series B Preferred Stock Dividend Reinvestment and Stock Purchase Plan (the “2019 Plan”) relating to the offer and sale of up to 2,500 shares of our Series B Preferred Stock pursuant to the terms of the 2019 Plan (the “DRIP Offering”) dated June 24, 2019. The 2019 Plan permitted (i) current holders of our Series B Preferred Stock to reinvest all or a portion of the cash dividends on their shares of Series B Preferred Stock into shares of Series B Preferred Stock and to separately purchase additional shares of Series B Preferred Stock and (ii) other interested investors to purchase shares of Series B Preferred Stock. At the date of termination, we issued sixteen shares under the DRIP Offering.

Series C Cumulative Redeemable Preferred Stock "Series C Preferred Stock"

    On January 23, 2020, the Company and ACM entered into an Underwriting Agreement (the “Underwriting Agreement”) with B. Riley FBR, Inc., as representative of the several underwriters named therein (collectively, the “Underwriters”), including, but not limited to, BUCKLER, with respect to (i) the sale by the Company of 3,000 shares (the “Firm Shares”) of the Company’s new 7.00% Series C Preferred Stock ($25.00 liquidation preference per share), $0.001 par value, to the Underwriters with an offering price to the public of $25.00 per share, and (ii) the grant by the Company to the Underwriters of an option to purchase all or part of 450 additional shares of the Series C Preferred Stock during the 30-day period following the execution of the Underwriting Agreement with the same offering price per share to the public to cover over-allotments. On January 24, 2020, the Underwriters exercised the option to purchase all 450 additional shares of the
Series C Preferred Stock. On January 28, 2020, the Company completed the sale of 3,450 total shares. Total proceeds were $83,282, net of issuance costs and commissions of $2,968.

    On January 29, 2020, the Company entered into an Equity Sales Agreement with B. Riley FBR, Inc. and BUCKLER, as sales agents (individually and collectively, the “Agents’), and ACM, pursuant to which the Company may offer and sell, over a period of time and from time to time, through one of more of the Agents, as the Company’s agents, up to 6,550 of Series C Preferred Stock. The Equity Sales Agreement relates to a proposed “at-the-market” offering. The Company used the net proceeds from the offering as a portion of the funds to redeem 100% of the outstanding Series B Preferred Stock as described above. During the nine months ended September 30, 2020, we sold 1,853 shares under this agreement for proceeds of $45,814, net of issuance costs and commissions of approximately $715.

Common Stock
 
    At September 30, 2020 and December 31, 2019, we were authorized to issue up to 125,000 shares of common stock, par value $0.001 per share, with such designations, voting and other rights and preferences as may be determined from time to time by our Board. We had 64,730 shares of common stock issued and outstanding at September 30, 2020 and 58,877 shares of common stock issued and outstanding at December 31, 2019.

    On February 15, 2019, we entered into an Equity Sales Agreement (the “Common stock ATM Sales Agreement”) with BUCKLER, JMP Securities LLC and Ladenburg Thalmann & Co. Inc., as sales agents, relating to the shares of our common stock. On April 3, 2020, the Common stock ATM Sales Agreement was amended to add B. Riley, FBR, Inc. as a sales agent. On May 4, 2020 the Common stock ATM Sales Agreement was further amended to increase the number of shares available for sale pursuant to the terms of the Common Stock ATM Sales Agreement. In accordance with the terms of the Common Stock ATM Sales agreement, as amended, we may offer and sell over a period of time and from time to time, up to 17,000 shares of our common stock par value $0.001 per share. The Common stock ATM Sales Agreement relates to an "at-the-market" offering program. Under the agreement, we will pay the agent designated to sell our shares, an aggregate commission of up to 2.0% of the gross sales price per share of our common stock sold through the designated agent, under the agreement. During the nine months ended September 30, 2020, we sold 5,767 shares under this agreement for proceeds of $48,886, net of issuance costs and commissions of approximately $882.

    See Note 15 - Related Party Transactions for discussion of additional transactions with BUCKLER.

    Common Stock Repurchased
 
    At September 30, 2020 and December 31, 2019, there were 8,210 and 8,250 authorized shares remaining under the current repurchase authorization. Under the Repurchase Program, shares may be purchased in the open market, including block trades, through privately negotiated transactions, or pursuant to a trading plan separately adopted in the future. The timing, manner, price and amount of any repurchases will be at our discretion, subject to the requirements of the Securities Exchange Act of 1934, as amended, and related rules. We are not required to repurchase any shares under the Repurchase Program and it may be modified, suspended or terminated at any time for any reason. We do not intend to purchase shares from our Board or other affiliates. Under Maryland law, such repurchased shares are treated as authorized but unissued.
Equity Capital Raising Activities
 
    The following tables present our equity transactions for the nine months ended September 30, 2020 and for the year ended December 31, 2019.
Transaction TypeCompletion DateNumber of Shares
Per Share price (1)
Net Proceeds
September 30, 2020
Preferred C Underwritten OfferingJanuary 28, 20203,450 $24.14 $83,282 
Preferred C ATM Sales AgreementJanuary 30, 2020 - March 31, 20201,853 $24.72 $45,814 
Common stock ATM Sales AgreementApril 7, 2020 - June 8, 20205,767 $8.48 $48,886 
Common stock repurchases, netFebruary 26, 2020 - March 3, 2020(40)$19.42 $(777)
December 31, 2019
Preferred B ATM Sales AgreementJune 6, 2019 - June 19, 2019100 $24.81 $2,489 
Preferred B ATM Sales AgreementJune 25, 2019 - December 31, 20191,914 $24.74 $47,306 
Common Stock ATM Sales AgreementJanuary 4, 2019 - January 11, 2019884 $20.98 $18,540 
January Public OfferingJanuary 17, 20196,900 $20.00 $137,946 
February Public OfferingFebruary 22, 2019 - February 27, 20198,280 $19.98 $165,374 
Common stock repurchasesMay 31, 2019 - December 31, 2019(1,000)$17.77 $(17,768)
(1)Weighted average price

Dividends
 
    The following table presents our Series B Preferred Stock dividend transactions prior to full redemption. The table below does not include the final dividend amount of $1,375 that was paid on February 27, 2020 to holders of record on February 15, 2020. This amount is recorded in other expense in our consolidated statements of operations.
Record DatePayment Date
Rate per
Series B
Preferred Share
Aggregate
amount paid to
holders of record
January 15, 2020January 27, 2020$0.164063 $1,375 
    
    The following table presents our Series C Preferred Stock dividend transactions for the nine months ended September 30, 2020.
Record DatePayment Date
Rate per
Series C
Preferred Share
Aggregate
amount paid to
holders of record
February 15, 2020February 27, 2020$0.14583 $678.1 
March 15, 2020March 27, 2020$0.14583 773.4 
April 15, 2020April 27, 2020$0.14583 773.4 
May 15, 2020May 27, 2020$0.14583 773.4 
June 15, 2020June 29, 2020$0.14583 773.4 
July 15, 2020July 27, 2020$0.14583 773.4 
August 15, 2020August 27, 2020$0.14583 773.4 
September 15, 2020September 28, 2020$0.14583 773.4 
Total dividends paid$6,092 
    The following table presents our common stock dividend transactions for the nine months ended September 30, 2020. There were no common stock dividend transactions for April and May 2020.
Record DatePayment DateRate per common shareAggregate
amount paid to
holders of record
January 15, 2020January 30, 2020$0.17 $10,126 
February 14, 2020February 27, 2020$0.17 10,131 
March 16, 2020March 27, 2020$0.17 10,120 
June 15, 2020June 29, 2020$0.09 5,876 
July 15, 2020July 30, 2020$0.10 6,531 
August 17, 2020August 28, 2020$0.10 6,530 
September 15, 2020September 29, 2020$0.10 6,529 
Total dividends paid$55,843