Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.22.2.2
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2022
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, 2022. 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)
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  285,584  7.250  % January 27, 2025 January 27, 2025
3M LIBOR + 5.011%
Total 29,050,000  $ 702,550 
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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)The dividend rate on the fixed-to-floating rate redeemable preferred stock 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 as of the fixed-to-floating rate conversion date and onward, dividends will accumulate on a floating rate basis according to the terms disclosed in footnote (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. Each series that becomes callable at the time the stock begins to pay a LIBOR-based rate has existing LIBOR cessation fallback language.
Rollforward of Common Stock The following table presents a reconciliation of the common shares outstanding for the nine months ended September 30, 2022 and 2021:
Number of common shares
Common shares outstanding, December 31, 2020 68,425,971 
Issuance of common stock 10,012,898 
Non-cash equity award compensation (1)
36,188 
Common shares outstanding, September 30, 2021 78,475,057 
Common shares outstanding, December 31, 2021 85,977,831 
Issuance of common stock 272,847 
Non-cash equity award compensation (1)
121,189 
Common shares outstanding, September 30, 2022 86,371,867 
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(1)See Note 17 - Equity Incentive Plans for further details regarding the Company’s Equity Incentive Plans.
Dividends Declared
The following table presents cash dividends declared by the Company on its preferred and common stock during the three and nine months ended September 30, 2022 and 2021:
Three Months Ended Nine Months Ended
September 30, September 30,
(dollars in thousands) 2022 2021 2022 2021
Class of Stock Amount Per Share Amount Per Share Amount Per Share Amount Per Share
Series A Preferred Stock $ 2,920  $ 0.51  $ 2,920  $ 0.51  $ 8,760  $ 1.52  $ 8,760  $ 1.52 
Series B Preferred Stock $ 5,480  $ 0.48  $ 5,481  $ 0.48  $ 16,441  $ 1.43  $ 16,441  $ 1.43 
Series C Preferred Stock $ 5,347  $ 0.45  $ 5,347  $ 0.45  $ 16,041  $ 1.36  $ 16,041  $ 1.36 
Series D Preferred Stock (1)
$ —  $ —  $ —  $ —  $ —  $ —  $ 969  $ 0.32 
Series E Preferred Stock (1)
$ —  $ —  $ —  $ —  $ —  $ —  $ 2,500  $ 0.31 
Common Stock
 $ 59,055  $ 0.68  $ 53,563  $ 0.68  $ 176,710  $ 2.04  $ 146,958  $ 2.04 
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(1)On March 15, 2021, the Company redeemed all outstanding shares of the Company’s Series D Preferred Stock and Series E Preferred Stock. Holders of record as of such date received the redemption payment of $25.00, plus any accumulated and unpaid dividends thereon up to, but excluding, the redemption date.
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive (loss) income at September 30, 2022 and December 31, 2021 was as follows:
(in thousands) September 30,
2022		 December 31,
2021
Available-for-sale securities:
Unrealized gains $ 41,634  $ 208,619 
Unrealized losses (743,017) (22,273)
Accumulated other comprehensive (loss) income
 $ (701,383) $ 186,346