EQUITY AND CHANGES IN OTHER COMPREHENSIVE INCOME

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

EQUITY AND CHANGES IN OTHER COMPREHENSIVE INCOME

EQUITY AND CHANGES IN OTHER COMPREHENSIVE INCOME

The Company's total equity was $240.3 million and $232.4 million at March 31, 2022 and December 31, 2021, respectively.

Common stock dividend: On March 22, 2022, the Company declared a cash dividend of $0.16 per share to common shareholders of record as of April 6, 2022, and paid the dividend April 20, 2022.

Preferred stock dividend: The Company declared cash dividends of $6,675 and $7,050 to preferred stockholders during the three months ended March 31, 2022 and March 31, 2021, respectively.

Conversion of preferred stock: During the three months ended March 31, 2022, there were no conversions from preferred stock to common shares. During the three months ended March 31, 2021, preferred stockholders converted 10 shares of preferred shares into 1,375 shares of common stock.

Non-controlling interests: The Company had a joint venture with Bridgestone Capital LLC in PDL LLC, a joint venture formed in 2018 to originate short-term alternative real estate loan products. In 2021, the joint venture was liquidated and all earnings in the joint venture were distributed. Prior to the liquidation, the Company had a 51% ownership interest in the joint venture. The Company distributed PDL earnings of $447,000 to Bridgestone during the first three months of 2021.

Other comprehensive income

The changes in accumulated other comprehensive loss consisted of the following for the three months ended March 31, 2022 and 2021:

	For the Three Months Ended March 31,
	2022		2021
	(Dollars in thousands)
Investment securities:
Net unrealized losses arising during the period	$	(584)	$	(112)
Tax effect related to the unrealized loss during the periods	151		29
Loss in other comprehensive income	$	(433)	$	(83)