Stockholders' Equity (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Equity [Abstract] |
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| Preferred Stock |
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of September 30, 2019. In the event of a voluntary or involuntary liquidation, dissolution or winding up of the Company, each series of preferred stock will rank on parity with one another and rank senior to the Company's common stock with respect to the payment of the dividends and the distribution of assets.
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As of September 30, 2019 |
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(in thousands) |
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Class of Stock |
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Issuance Date |
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Shares Issued and Outstanding |
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Carrying Value |
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Contractual Rate |
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Redemption Date (1)
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Fixed to Floating Rate Conversion Date (2)
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Floating Annual Rate (3)
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Fixed-to-Floating Rate |
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Series A |
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March 14, 2017 |
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5,750 |
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$ |
138,872 |
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8.125 |
% |
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April 27, 2027 |
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April 27, 2027 |
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3M LIBOR + 5.660% |
Series B |
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July 19, 2017 |
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11,500 |
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278,094 |
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7.625 |
% |
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July 27, 2027 |
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July 27, 2027 |
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3M LIBOR + 5.352% |
Series C |
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November 27, 2017 |
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11,800 |
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285,585 |
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7.250 |
% |
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January 27, 2025 |
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January 27, 2025 |
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3M LIBOR + 5.011% |
Fixed Rate |
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Series D |
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July 31, 2018 |
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3,000 |
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74,964 |
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7.750 |
% |
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July 31, 2018 |
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N/A |
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N/A |
Series E |
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July 31, 2018 |
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8,000 |
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199,986 |
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7.500 |
% |
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July 31, 2018 |
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N/A |
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N/A |
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Total |
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40,050 |
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$ |
977,501 |
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____________________
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(1) |
Subject to the Company’s right under limited circumstances to redeem the preferred stock earlier than the redemption date disclosed in order to preserve its qualification as a REIT or following a change in control of the Company. |
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(2) |
For the fixed-to-floating rate redeemable preferred stock, the dividend rate will remain at a annual fixed rate of the $25.00 per share liquidation preference from the issuance date up to but not including the transition date disclosed within. Effective the conversion date and onward, dividends will accumulate on a floating rate basis according to the terms disclosed within (3) below.
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(3)
On and after the fixed to floating rate conversion date, the dividend will accumulate and be payable quarterly at a percentage of the $25.00 per share liquidation preference equal to an annual floating rate of three-month LIBOR plus the spread indicated within each preferred class.
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| Preferred Dividends Declared |
The following table presents cash dividends declared by the Company on its preferred stock from December 31, 2017 through September 30, 2019:
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Declaration Date |
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Record Date |
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Payment Date |
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Cash Dividend Per Preferred Share |
Series A Preferred Stock: |
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September 19, 2019 |
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October 11, 2019 |
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October 28, 2019 |
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$ |
0.507810 |
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June 19, 2019 |
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July 12, 2019 |
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July 29, 2019 |
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$ |
0.507810 |
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March 19, 2019 |
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April 12, 2019 |
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April 29, 2019 |
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$ |
0.507810 |
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December 18, 2018 |
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December 31, 2018 |
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January 28, 2019 |
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$ |
0.507810 |
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September 20, 2018 |
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October 12, 2018 |
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October 29, 2018 |
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$ |
0.507810 |
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June 19, 2018 |
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July 12, 2018 |
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July 27, 2018 |
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$ |
0.507810 |
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March 20, 2018 |
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April 12, 2018 |
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April 27, 2018 |
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$ |
0.507810 |
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Series B Preferred Stock: |
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September 19, 2019 |
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October 11, 2019 |
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October 28, 2019 |
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$ |
0.476560 |
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June 19, 2019 |
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July 12, 2019 |
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July 29, 2019 |
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$ |
0.476560 |
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March 19, 2019 |
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April 12, 2019 |
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April 29, 2019 |
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$ |
0.476560 |
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December 18, 2018 |
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December 31, 2018 |
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January 28, 2019 |
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$ |
0.476560 |
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September 20, 2018 |
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October 12, 2018 |
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October 29, 2018 |
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$ |
0.476560 |
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June 19, 2018 |
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July 12, 2018 |
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July 27, 2018 |
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$ |
0.476560 |
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March 20, 2018 |
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April 12, 2018 |
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April 27, 2018 |
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$ |
0.476560 |
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Series C Preferred Stock: |
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September 19, 2019 |
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October 11, 2019 |
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October 28, 2019 |
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$ |
0.453130 |
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June 19, 2019 |
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July 12, 2019 |
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July 29, 2019 |
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$ |
0.453130 |
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March 19, 2019 |
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April 12, 2019 |
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April 29, 2019 |
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$ |
0.453130 |
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December 18, 2018 |
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December 31, 2018 |
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January 28, 2019 |
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$ |
0.453130 |
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September 20, 2018 |
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October 12, 2018 |
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October 29, 2018 |
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$ |
0.453130 |
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June 19, 2018 |
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July 12, 2018 |
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July 27, 2018 |
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$ |
0.453130 |
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March 20, 2018 |
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April 12, 2018 |
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April 27, 2018 |
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$ |
0.453130 |
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Series D Preferred Stock: |
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September 19, 2019 |
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October 1, 2019 |
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October 15, 2019 |
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$ |
0.484375 |
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June 19, 2019 |
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July 1, 2019 |
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July 15, 2019 |
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$ |
0.484375 |
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March 19, 2019 |
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April 1, 2019 |
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April 15, 2019 |
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$ |
0.484375 |
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December 18, 2018 |
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December 31, 2018 |
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January 28, 2019 |
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$ |
0.484375 |
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September 20, 2018 |
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October 1, 2018 |
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October 15, 2018 |
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$ |
0.484375 |
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Series E Preferred Stock: |
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September 19, 2019 |
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October 1, 2019 |
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October 15, 2019 |
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$ |
0.468750 |
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June 19, 2019 |
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July 1, 2019 |
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July 15, 2019 |
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$ |
0.468750 |
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March 19, 2019 |
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April 1, 2019 |
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April 15, 2019 |
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$ |
0.468750 |
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December 18, 2018 |
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December 31, 2018 |
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January 28, 2019 |
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$ |
0.468750 |
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September 20, 2018 |
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October 1, 2018 |
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October 15, 2018 |
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$ |
0.468750 |
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| Schedule of Stock by Class |
The following table presents a reconciliation of the common shares outstanding for the three and nine months ended September 30, 2019 and 2018:
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Number of common shares |
Common shares outstanding, December 31, 2017 |
174,496,587 |
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Issuance of common stock |
72,608,932 |
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Issuance of restricted stock (1)
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972,651 |
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Common shares outstanding, September 30, 2018 |
248,078,170 |
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Common shares outstanding, December 31, 2018 |
248,085,721 |
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Issuance of common stock |
24,399,107 |
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Issuance of restricted stock (1)
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412,074 |
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Repurchase of common stock |
(1,500 |
) |
Common shares outstanding, September 30, 2019 |
272,895,402 |
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____________________
(1)
Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, net of forfeitures, of which 1,202,252 restricted shares remained subject to vesting requirements at September 30, 2019.
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| Common Dividends Declared |
The following table presents cash dividends declared by the Company on its common stock from December 31, 2017 through September 30, 2019:
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Declaration Date |
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Record Date |
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Payment Date |
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Cash Dividend Per Common Share |
September 19, 2019 |
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September 30, 2019 |
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October 28, 2019 |
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$ |
0.400000 |
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June 19, 2019 |
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July 1, 2019 |
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July 29, 2019 |
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$ |
0.400000 |
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March 19, 2019 |
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March 29, 2019 |
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April 29, 2019 |
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$ |
0.470000 |
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December 18, 2018 |
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December 31, 2018 |
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January 28, 2019 |
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$ |
0.470000 |
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September 20, 2018 |
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October 1, 2018 |
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October 29, 2018 |
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$ |
0.311630 |
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July 13, 2018 |
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July 25, 2018 |
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July 30, 2018 |
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$ |
0.158370 |
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June 19, 2018 |
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June 29, 2018 |
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July 27, 2018 |
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$ |
0.470000 |
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March 20, 2018 |
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April 2, 2018 |
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April 27, 2018 |
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$ |
0.470000 |
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| Schedule of Accumulated Other Comprehensive Income (Loss) |
Accumulated other comprehensive income at September 30, 2019 and December 31, 2018 was as follows:
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(in thousands) |
September 30,
2019 |
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December 31,
2018 |
Available-for-sale securities |
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Unrealized gains |
$ |
779,919 |
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$ |
498,744 |
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Unrealized losses |
(31,565 |
) |
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(387,927 |
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Accumulated other comprehensive income |
$ |
748,354 |
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$ |
110,817 |
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| Reclassification out of Accumulated Other Comprehensive Income |
The following table summarizes reclassifications out of accumulated other comprehensive income for the three and nine months ended September 30, 2019 and 2018:
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Affected Line Item in the Statements of Comprehensive (Loss) Income |
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Amount Reclassified out of Accumulated Other Comprehensive Income |
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Three Months Ended |
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Nine Months Ended |
(in thousands) |
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September 30, |
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September 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Other-than-temporary impairments on AFS securities |
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Total other-than-temporary impairment losses |
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$ |
5,950 |
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$ |
95 |
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$ |
11,004 |
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$ |
363 |
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Realized losses (gains) on sales of certain AFS securities, net of tax |
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Gain (loss) on investment securities |
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(226,790 |
) |
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30,368 |
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(189,620 |
) |
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52,654 |
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Total |
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$ |
(220,840 |
) |
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$ |
30,463 |
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$ |
(178,616 |
) |
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$ |
53,017 |
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