Annual report pursuant to Section 13 and 15(d)

Stockholders' Equity (Tables)

v3.19.3.a.u2
Stockholders' Equity (Tables)
12 Months Ended
Dec. 31, 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 December 31, 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 December 31, 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 during the years ended December 31, 2019, 2018 and 2017:
Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Preferred Share
Series A Preferred Stock:
 
 
 
 
 
 
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

December 18, 2018
 
January 11, 2019
 
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

December 14, 2017
 
January 12, 2018
 
January 29, 2018
 
$
0.507810

September 14, 2017
 
October 12, 2017
 
October 27, 2017
 
$
0.507810

June 15, 2017
 
July 12, 2017
 
July 27, 2017
 
$
0.750430

Series B Preferred Stock:
 
 
 
 
 
 
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

December 18, 2018
 
January 11, 2019
 
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

December 14, 2017
 
January 12, 2018
 
January 29, 2018
 
$
0.476560

September 14, 2017
 
October 12, 2017
 
October 27, 2017
 
$
0.518920

Series C Preferred Stock:
 
 
 
 
 
 
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

December 18, 2018
 
January 11, 2019
 
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

December 14, 2017
 
January 12, 2018
 
January 29, 2018
 
$
0.302080


Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Preferred Share
Series D Preferred Stock:
 
 
 
 
 
 
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

December 18, 2018
 
January 1, 2019
 
January 28, 2019
 
$
0.484375

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

Series E Preferred Stock:
 
 
 
 
 
 
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

December 18, 2018
 
January 1, 2019
 
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 years ended December 31, 2019, 2018 and 2017:
 
Number of common shares
Common shares outstanding, December 31, 2016
173,826,163

Issuance of common stock
26,950

Issuance of restricted stock (1)
643,474

Common shares outstanding, December 31, 2017
174,496,587

Issuance of common stock
72,616,483

Issuance of restricted stock (1)
972,651

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

Issuance of common stock
24,439,436

Issuance of restricted stock (1)
412,074

Repurchase of common stock
(1,500
)
Common shares outstanding, December 31, 2019
272,935,731

____________________
(1)
Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, net of forfeitures, of which 1,062,901 restricted shares remained subject to vesting requirements at December 31, 2019.
Common Dividends Declared
The following table presents cash dividends declared by the Company on its common stock during the years ended December 31, 2019, 2018 and 2017:
Declaration Date
 
Record Date
 
Payment Date
 
Cash Dividend Per Common Share
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

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

December 14, 2017
 
December 26, 2017
 
December 29, 2017
 
$
0.470000

September 14, 2017
 
September 29, 2017
 
October 27, 2017
 
$
0.520000

June 15, 2017
 
June 30, 2017
 
July 27, 2017
 
$
0.520000

March 14, 2017
 
March 31, 2017
 
April 27, 2017
 
$
0.500000


Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income at December 31, 2019 and December 31, 2018 was as follows:
(in thousands)
December 31,
2019
 
December 31,
2018
Available-for-sale securities
 
 
 
Unrealized gains
$
730,043

 
$
498,744

Unrealized losses
(40,643
)
 
(387,927
)
Accumulated other comprehensive income
$
689,400

 
$
110,817


Reclassification out of Accumulated Other Comprehensive Income The following table summarizes reclassifications out of accumulated other comprehensive income for the years ended December 31, 2019, 2018 and 2017:
 
 
Affected Line Item in the Statements of Comprehensive Income (Loss)
 
Amount Reclassified out of Accumulated Other Comprehensive Income
 
 
 
 
Year Ended
(in thousands)
 
 
 
December 31,
 
 
 
 
2019
 
2018
 
2017
Other-than-temporary impairments on AFS securities
 
Total other-than-temporary impairment losses
 
$
14,312

 
$
470

 
$
789

Realized (gains) losses on sales of certain AFS securities, net of tax
 
Gain (loss) on investment securities
 
(232,075
)
 
253,869

 
5,207

Total
 
 
 
$
(217,763
)
 
$
254,339

 
$
5,996