Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.20.2
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Preferred Stock
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of September 30, 2020. 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.
(dollars in thousands)
Class of Stock Issuance Date Shares Issued and Outstanding Carrying Value Contractual Rate
Redemption Eligible Date (1)
Fixed to Floating Rate Conversion Date (2)
Floating Annual Rate (3)
Fixed-to-Floating Rate
Series A March 14, 2017 5,750,000  $ 138,872  8.125  % April 27, 2027 April 27, 2027 3M LIBOR + 5.660%
Series B July 19, 2017 11,500,000  278,094  7.625  % July 27, 2027 July 27, 2027 3M LIBOR + 5.352%
Series C November 27, 2017 11,800,000  285,585  7.250  % January 27, 2025 January 27, 2025 3M LIBOR + 5.011%
Fixed Rate
Series D July 31, 2018 3,000,000  74,964  7.750  % July 31, 2018 N/A N/A
Series E July 31, 2018 8,000,000  199,986  7.500  % July 31, 2018 N/A N/A
Total 40,050,000  $ 977,501 
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(1)Subject to the Company’s right under limited circumstances to redeem the preferred stock earlier than the redemption eligible date disclosed in order to preserve its qualification as a REIT or following a change in control of the Company.
(2)For the fixed-to-floating rate redeemable preferred stock, the dividend rate will remain at an 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.
(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.
Preferred Dividends Declared
The following table presents cash dividends declared by the Company on its preferred stock from December 31, 2018 through September 30, 2020:
Declaration Date Record Date Payment Date Cash Dividend Per Preferred Share
Series A Preferred Stock:
September 21, 2020 October 12, 2020 October 27, 2020 $ 0.507810 
June 18, 2020 July 10, 2020 July 27, 2020 $ 0.507810 
April 6, 2020 April 16, 2020 April 29, 2020 $ 0.507810 
December 17, 2019 January 10, 2020 January 27, 2020 $ 0.507810 
September 19, 2019 October 11, 2019 October 28, 2019 $ 0.507810 
June 19, 2019 July 12, 2019 July 29, 2019 $ 0.507810 
March 19, 2019 April 12, 2019 April 29, 2019 $ 0.507810 
Series B Preferred Stock:
September 21, 2020 October 12, 2020 October 27, 2020 $ 0.476560 
June 18, 2020 July 10, 2020 July 27, 2020 $ 0.476560 
April 6, 2020 April 16, 2020 April 29, 2020 $ 0.476560 
December 17, 2019 January 10, 2020 January 27, 2020 $ 0.476560 
September 19, 2019 October 11, 2019 October 28, 2019 $ 0.476560 
June 19, 2019 July 12, 2019 July 29, 2019 $ 0.476560 
March 19, 2019 April 12, 2019 April 29, 2019 $ 0.476560 
Series C Preferred Stock:
September 21, 2020 October 12, 2020 October 27, 2020 $ 0.453130 
June 18, 2020 July 10, 2020 July 27, 2020 $ 0.453130 
April 6, 2020 April 16, 2020 April 29, 2020 $ 0.453130 
December 17, 2019 January 10, 2020 January 27, 2020 $ 0.453130 
September 19, 2019 October 11, 2019 October 28, 2019 $ 0.453130 
June 19, 2019 July 12, 2019 July 29, 2019 $ 0.453130 
March 19, 2019 April 12, 2019 April 29, 2019 $ 0.453130 
Series D Preferred Stock:
September 21, 2020 October 1, 2020 October 15, 2020 $ 0.484375 
June 18, 2020 July 1, 2020 July 15, 2020 $ 0.484375 
April 6, 2020 April 16, 2020 April 29, 2020 $ 0.484375 
December 17, 2019 January 1, 2020 January 15, 2020 $ 0.484375 
September 19, 2019 October 1, 2019 October 15, 2019 $ 0.484375 
June 19, 2019 July 1, 2019 July 15, 2019 $ 0.484375 
March 19, 2019 April 1, 2019 April 15, 2019 $ 0.484375 
Series E Preferred Stock:
September 21, 2020 October 1, 2020 October 15, 2020 $ 0.468750 
June 18, 2020 July 1, 2020 July 15, 2020 $ 0.468750 
April 6, 2020 April 16, 2020 April 29, 2020 $ 0.468750 
December 17, 2019 January 1, 2020 January 15, 2020 $ 0.468750 
September 19, 2019 October 1, 2019 October 15, 2019 $ 0.468750 
June 19, 2019 July 1, 2019 July 15, 2019 $ 0.468750 
March 19, 2019 April 1, 2019 April 15, 2019 $ 0.468750 
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, 2020 and 2019:
Number of common shares
Common shares outstanding, December 31, 2018 248,085,721 
Issuance of common stock 24,399,107 
Issuance of restricted stock (1)
412,074 
Repurchase of common stock (1,500)
Common shares outstanding, September 30, 2019 272,895,402 
Common shares outstanding, December 31, 2019 272,935,731 
Issuance of common stock 50,729 
Issuance of restricted stock (1)
813,251 
Repurchase of common stock (105,300)
Common shares outstanding, September 30, 2020 273,694,411 
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(1)Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, net of forfeitures, of which 1,223,020 restricted shares remained subject to vesting requirements at September 30, 2020.
Common Dividends Declared The following table presents cash dividends declared by the Company on its common stock from December 31, 2018 through September 30, 2020:
Declaration Date Record Date Payment Date Cash Dividend Per Common Share
September 21, 2020 October 1, 2020 October 29, 2020 $ 0.140000 
June 18, 2020 June 30, 2020 July 29, 2020 $ 0.140000 
April 6, 2020 April 16, 2020 April 29, 2020 $ 0.050000 
December 17, 2019 December 31, 2019 January 24, 2020 $ 0.400000 
September 19, 2019 September 30, 2019 October 28, 2019 $ 0.400000 
June 19, 2019 July 1, 2019 July 29, 2019 $ 0.400000 
March 19, 2019 March 29, 2019 April 29, 2019 $ 0.470000 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income at September 30, 2020 and December 31, 2019 was as follows:
(in thousands) September 30,
2020		 December 31,
2019
Available-for-sale securities
Unrealized gains $ 722,380  $ 730,043 
Unrealized losses (2,040) (40,643)
Accumulated other comprehensive income $ 720,340  $ 689,400 
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, 2020 and 2019:
Affected Line Item in the Statements of Comprehensive Income (Loss)
Amount Reclassified out of Accumulated Other Comprehensive Income
Three Months Ended Nine Months Ended
(in thousands) September 30, September 30,
2020 2019 2020 2019
Other-than-temporary impairments on AFS securities
Total other-than-temporary impairment losses
 $ —  $ 5,950  $ —  $ 11,004 
Realized gains on sales of certain AFS securities, net of tax
(Loss) gain on investment securities
 —  (226,790) (471,301) (189,620)
Total $ —  $ (220,840) $ (471,301) $ (178,616)