Quarterly report pursuant to Section 13 or 15(d)

Stockholders' Equity (Tables)

v3.21.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2021
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, 2021. 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 
____________________
(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 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, 2019 through June 30, 2021:
Declaration Date Record Date Payment Date Cash Dividend Per Preferred Share
Series A Preferred Stock:
June 17, 2021 July 12, 2021 July 27, 2021 $ 0.507810 
March 18, 2021 April 12, 2021 April 27, 2021 $ 0.507810 
December 17, 2020 January 12, 2021 January 27, 2021 $ 0.507810 
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 
Series B Preferred Stock:
June 17, 2021 July 12, 2021 July 27, 2021 $ 0.476560 
March 18, 2021 April 12, 2021 April 27, 2021 $ 0.476560 
December 17, 2020 January 12, 2021 January 27, 2021 $ 0.476560 
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 
Series C Preferred Stock:
June 17, 2021 July 12, 2021 July 27, 2021 $ 0.453130 
March 18, 2021 April 12, 2021 April 27, 2021 $ 0.453130 
December 17, 2020 January 12, 2021 January 27, 2021 $ 0.453130 
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 
Series D Preferred Stock:
February 4, 2021(1)
March 15, 2021 March 15, 2021 $ 0.322920 
December 17, 2020 January 1, 2021 January 15, 2021 $ 0.484375 
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 
Series E Preferred Stock:
February 4, 2021(1)
March 15, 2021 March 15, 2021 $ 0.312500 
December 17, 2020 January 1, 2021 January 15, 2021 $ 0.468750 
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 
____________________
(1)On February 4, 2021, the Company announced the redemption of all outstanding shares of the Company’s Series D Preferred Stock and Series E Preferred Stock. The redemption date for each series was March 15, 2021 and 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. The cash dividend payment amount identified in this row represents the per share accrued and unpaid dividends paid on the redemption date.
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, 2021 and 2020:
Number of common shares
Common shares outstanding, December 31, 2019 272,935,731 
Issuance of common stock 36,761 
Issuance of restricted stock (1)
832,867 
Repurchase of common stock (105,300)
Common shares outstanding, June 30, 2020 273,700,059 
Common shares outstanding, December 31, 2020 273,703,882 
Issuance of common stock 27,018 
Issuance of restricted stock (1)(2)
(12,589)
Repurchase of common stock — 
Common shares outstanding, June 30, 2021 273,718,311 
____________________
(1)Represents shares of restricted stock granted under the Company’s Equity Incentive Plans, net of forfeitures.
(2)During the six months ended June 30, 2021, the Company also granted RSUs and PSUs to the Company’s independent directors and certain eligible employees pursuant to the terms of the Company’s Equity Incentive Plans. The RSUs and PSUs are subject to vesting requirements and the common shares to be issued, subject to each grantee’s compliance with the terms and conditions of the applicable RSU or PSU award agreement, will not be considered outstanding until the applicable vesting date.
Common Dividends Declared
The following table presents cash dividends declared by the Company on its common stock from December 31, 2019 through June 30, 2021:
Declaration Date Record Date Payment Date Cash Dividend Per Common Share
June 17, 2021 June 29, 2021 July 29, 2021 $ 0.170000 
March 18, 2021 March 29, 2021 April 29, 2021 $ 0.170000 
December 17, 2020 December 30, 2020 January 29, 2021 $ 0.170000 
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 
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income at June 30, 2021 and December 31, 2020 was as follows:
(in thousands) June 30,
2021		 December 31,
2020
Available-for-sale securities:
Unrealized gains $ 326,237  $ 661,734 
Unrealized losses (18,988) (20,133)
Accumulated other comprehensive income $ 307,249  $ 641,601