Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.19.2
Stockholders' Equity (Tables)
6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Preferred Stock
The following is a summary of the Company’s series of cumulative redeemable preferred stock issued and outstanding as of June 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.
As of June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Class of Stock
 
Issuance Date
 
Shares Issued and Outstanding
 
Carrying Value
 
Contractual Rate
 
Redemption Date (1)
 
Fixed to Floating Rate Conversion Date (2)
 
Floating Annual Rate (3)
Fixed-to-Floating Rate
 
 
 
 
 
 
 
 
 
 
 
 
Series A
 
March 14, 2017
 
5,750

 
$
138,872

 
8.125
%
 
April 27, 2027
 
April 27, 2027
 
3M LIBOR + 5.660%
Series B
 
July 19, 2017
 
11,500

 
278,094

 
7.625
%
 
July 27, 2027
 
July 27, 2027
 
3M LIBOR + 5.352%
Series C
 
November 27, 2017
 
11,800

 
285,585

 
7.250
%
 
January 27, 2025
 
January 27, 2025
 
3M LIBOR + 5.011%
Fixed Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Series D
 
July 31, 2018
 
3,000

 
74,964

 
7.750
%
 
July 31, 2018
 
N/A
 
N/A
Series E
 
July 31, 2018
 
8,000

 
199,986

 
7.500
%
 
July 31, 2018
 
N/A
 
N/A
 
Total
 
 
 
40,050

 
$
977,501

 
 
 
 
 
 
 
 
____________________
(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.
(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.
(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, 2017 through June 30, 2019:
Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Preferred Share
Series A Preferred Stock:
 
 
 
 
 
 
June 19, 2019
 
July 12, 2019
 
July 29, 2019
 
$
0.507810

March 19, 2019
 
April 12, 2019
 
April 29, 2019
 
$
0.507810

December 18, 2018
 
December 31, 2018
 
January 28, 2019
 
$
0.507810

September 20, 2018
 
October 12, 2018
 
October 29, 2018
 
$
0.507810

June 19, 2018
 
July 12, 2018
 
July 27, 2018
 
$
0.507810

March 20, 2018
 
April 12, 2018
 
April 27, 2018
 
$
0.507810

Series B Preferred Stock:
 
 
 
 
 
 
June 19, 2019
 
July 12, 2019
 
July 29, 2019
 
$
0.476560

March 19, 2019
 
April 12, 2019
 
April 29, 2019
 
$
0.476560

December 18, 2018
 
December 31, 2018
 
January 28, 2019
 
$
0.476560

September 20, 2018
 
October 12, 2018
 
October 29, 2018
 
$
0.476560

June 19, 2018
 
July 12, 2018
 
July 27, 2018
 
$
0.476560

March 20, 2018
 
April 12, 2018
 
April 27, 2018
 
$
0.476560

Series C Preferred Stock:
 
 
 
 
 
 
June 19, 2019
 
July 12, 2019
 
July 29, 2019
 
$
0.453130

March 19, 2019
 
April 12, 2019
 
April 29, 2019
 
$
0.453130

December 18, 2018
 
December 31, 2018
 
January 28, 2019
 
$
0.453130

September 20, 2018
 
October 12, 2018
 
October 29, 2018
 
$
0.453130

June 19, 2018
 
July 12, 2018
 
July 27, 2018
 
$
0.453130

March 20, 2018
 
April 12, 2018
 
April 27, 2018
 
$
0.453130

Series D Preferred Stock:
 
 
 
 
 
 
June 19, 2019
 
July 1, 2019
 
July 15, 2019
 
$
0.484375

March 19, 2019
 
April 1, 2019
 
April 15, 2019
 
$
0.484375

December 18, 2018
 
December 31, 2018
 
January 28, 2019
 
$
0.484375

September 20, 2018
 
October 1, 2018
 
October 15, 2018
 
$
0.484375

Series E Preferred Stock:
 
 
 
 
 
 
June 19, 2019
 
July 1, 2019
 
July 15, 2019
 
$
0.468750

March 19, 2019
 
April 1, 2019
 
April 15, 2019
 
$
0.468750

December 18, 2018
 
December 31, 2018
 
January 28, 2019
 
$
0.468750

September 20, 2018
 
October 1, 2018
 
October 15, 2018
 
$
0.468750




Schedule of Stock by Class The following table presents a reconciliation of the common shares outstanding for the three and six months ended June 30, 2019 and 2018:
 
Number of common shares
Common shares outstanding, December 31, 2017
174,496,587

Issuance of common stock
12,468

Issuance of restricted stock (1)
961,343

Common shares outstanding, June 30, 2018
175,470,398

 
 
Common shares outstanding, December 31, 2018
248,085,721

Issuance of common stock
24,390,456

Issuance of restricted stock (1)
423,461

Common shares outstanding, June 30, 2019
272,899,638

____________________
(1)
Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, net of forfeitures, of which 1,213,639 restricted shares remained subject to vesting requirements at June 30, 2019.
Common Dividends Declared
The following table presents cash dividends declared by the Company on its common stock from December 31, 2017 through June 30, 2019:
Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Common Share
June 19, 2019
 
July 1, 2019
 
July 29, 2019
 
$
0.400000

March 19, 2019
 
March 29, 2019
 
April 29, 2019
 
$
0.470000

December 18, 2018
 
December 31, 2018
 
January 28, 2019
 
$
0.470000

September 20, 2018
 
October 1, 2018
 
October 29, 2018
 
$
0.311630

July 13, 2018
 
July 25, 2018
 
July 30, 2018
 
$
0.158370

June 19, 2018
 
June 29, 2018
 
July 27, 2018
 
$
0.470000

March 20, 2018
 
April 2, 2018
 
April 27, 2018
 
$
0.470000



Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income at June 30, 2019 and December 31, 2018 was as follows:
(in thousands)
June 30,
2019
 
December 31,
2018
Available-for-sale securities
 
 
 
Unrealized gains
$
819,396

 
$
498,744

Unrealized losses
(41,878
)
 
(387,927
)
Accumulated other comprehensive income
$
777,518

 
$
110,817



Reclassification out of Accumulated Other Comprehensive Income The following table summarizes reclassifications out of accumulated other comprehensive income for the three and six months ended June 30, 2019 and 2018:
 
 
Affected Line Item in the Statements of Comprehensive (Loss) Income
 
Amount Reclassified out of Accumulated Other Comprehensive Income
 
 
 
 
Three Months Ended
 
Six Months Ended
(in thousands)
 
 
 
June 30,
 
June 30,
 
 
 
 
2019
 
2018
 
2019
 
2018
Other-than-temporary impairments on AFS securities
 
Total other-than-temporary impairment losses
 
$
4,848

 
$
174

 
$
5,054

 
$
268

Realized losses (gains) on sales of certain AFS securities, net of tax
 
Gain (loss) on investment securities
 
9,064

 
23,615

 
37,170

 
22,286

Total
 
 
 
$
13,912

 
$
23,789

 
$
42,224

 
$
22,554