Common Stock Offerings
In December 2012, the Company completed a sale of 11,500,000 shares of its common stock at a net price of $19.29 per share. The net offering proceeds, after deducting underwriting discounts and commissions and offering costs payable by the Company, were approximately $221 million. In January 2013, the Company completed a sale of 11,500,000 shares of its common stock at a net price of $20.20 per share. The net offering proceeds, after deducting underwriting discounts and commissions and offering costs payable by the Company, were approximately $232 million. The Company used a portion of the net proceeds from both offerings to make an additional investment in CSFR and a portion of the remaining proceeds to fund acquisitions of target assets.
The Company’s GAAP book value per common share was $18.30 on December 31, 2012, compared to GAAP book value of $18.13 per common share on September 30, 2012. As of December 31, 2012, the Company had 53,091,623 shares of common stock outstanding and as of March 6, 2013, the Company had 64,591,623 shares of common stock outstanding.Fair Value If the Company accounted for all of its financial assets and liabilities at fair value, the net fair value of the Company’s financial assets and liabilities at December 31, 2012 would have been $56.1 million in excess of the net carrying value of the Company’s financial assets and liabilities as of the same date. Common and Preferred Stock Dividends The Company's Board of Directors declared a regular way quarterly dividend of $0.35 per common share for the fourth quarter of 2012. The dividend was paid on January 15, 2013, to stockholders of record on December 27, 2012. In addition, the Company’s Board of Directors declared a special dividend for 2012 of $0.05 per common share in order to distribute the balance of the Company’s estimated taxable income for 2012. The special dividend was paid on January 15, 2013 to stockholders of record on December 27, 2012.
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