14. Subsequent Events

Public Offering of Depositary Shares

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On April 9, 2021, the Company closed a public offering of 1,600,000 depositary shares, each representing a 1/1000^th fractional interest in a share of the Company’s Series B Preferred Stock at the price of $25.00 per depositary share. Total gross proceeds from the offering were $40.0 million. Total offering costs of approximately $2.8 million were offset against the proceeds from the sale of depositary shares, for net proceeds of approximately $37.2 million. The spouse of James Neal, the Chief Executive Officer and a director, purchased 8,000 shares of the depositary shares in the public offering at the public offering price of $25.00 per share for an aggregate amount of $200,000. Thomas Burns, the Senior Vice President of Finance and Chief Financial Officer, purchased 1,000 shares of the depositary shares in the public offering at the public offering price of $25.00 per share for an aggregate amount of $25,000.

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