Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Nonvested Restricted Stock Shares Activity

The following table summarizes the activity related to restricted stock units awarded to employees of our Manager and its affiliates for the year ended December 31, 2019.



	Year Ended December 31,
	2019
	Restricted Stock Units		Weighted Average Grant Date Fair Value
Unvested at the beginning of the year	11,051		$	14.55
Shares granted during the year	6,189		15.92
Shares vested during the year	(4,720	)	14.48
Unvested at the end of the year	12,520		$	15.25

Schedule of Accumulated Other Comprehensive Income

The following tables present the components of total other comprehensive income (loss), net and accumulated other comprehensive income (“AOCI”) at December 31, 2019 and December 31, 2018, respectively. The tables exclude gains and losses on MBS and GSE CRTs that are accounted for under the fair value option.



	December 31, 2019
$ in thousands	Equity method investments		Available-for-sale securities	Derivatives and hedging		Total
Total other comprehensive income (loss), net:
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	—		83,965	—		83,965
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	—		9,072	—		9,072
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	—		—	(23,729	)	(23,729	)
Currency translation adjustments on investment in unconsolidated venture	(1,158	)	—	—		(1,158	)
Total other comprehensive income (loss), net	(1,158	)	93,037	(23,729	)	68,150

AOCI balance at beginning of period	513		120,664	99,636		220,813
Total other comprehensive income/(loss), net	(1,158	)	93,037	(23,729	)	68,150
AOCI balance at end of period	(645	)	213,701	75,907		288,963



	December 31, 2018
$ in thousands	Equity method investments		Available-for-sale securities		Derivatives and hedging		Total
Total other comprehensive income (loss), net:
Unrealized gain (loss) on mortgage-backed and credit risk transfer securities, net	—		(210,424	)	—		(210,424	)
Reclassification of unrealized (gain) loss on sale of mortgage-backed and credit risk transfer securities to gain (loss) on investments, net	—		193,162		—		193,162
Reclassification of amortization of net deferred (gain) loss on de-designated interest rate swaps to repurchase agreements interest expense	—		—		(25,839	)	(25,839	)
Currency translation adjustments on investment in unconsolidated venture	(447	)	—		—		(447	)
Total other comprehensive income (loss), net	(447	)	(17,262	)	(25,839	)	(43,548	)

AOCI balance at beginning of period	947		136,188		123,894		261,029
Total other comprehensive income/(loss), net	(447	)	(17,262	)	(25,839	)	(43,548	)
Other comprehensive income/(loss) attributable to non-controlling interest	6		927		300		1,233
Rebalancing of ownership percentage of non-controlling interest	—		(1	)	—		(1	)
Purchase of OP units from non-controlling interest	7		812		1,281		2,100
AOCI balance at end of period	513		120,664		99,636		220,813

Schedule of Dividends Declared

We declared the following dividends during 2019 and 2018:



$ in thousands, except per share amounts	Dividends Declared
Series A Preferred Stock	Per Share	In Aggregate	Date of Payment
2019
December 16, 2019	0.4844	2,712	January 27, 2020
September 16, 2019	0.4844	2,713	October 25, 2019
June 17, 2019	0.4844	2,712	July 25, 2019
March 18, 2019	0.4844	2,713	April 25, 2019
2018
December 14, 2018	0.4844	2,713	January 25, 2019
September 14, 2018	0.4844	2,713	October 25, 2018
June 15, 2018	0.4844	2,712	July 25, 2018
March 15, 2018	0.4844	2,713	April 25, 2018



$ in thousands, except per share amounts	Dividends Declared
Series B Preferred Stock	Per Share	In Aggregate	Date of Payment
2019
November 5, 2019	0.4844	3,003	December 27, 2019
August 1, 2019	0.4844	3,003	September 27, 2019
May 3, 2019	0.4844	3,004	June 27, 2019
February 14, 2019	0.4844	3,003	March 27, 2019
2018
November 6, 2018	0.4844	3,003	December 27, 2018
August 2, 2018	0.4844	3,003	September 27, 2018
May 2, 2018	0.4844	3,004	June 27, 2018
February 15, 2018	0.4844	3,003	March 27, 2018



	Dividends Declared
Series C Preferred Stock	Per Share	In Aggregate	Date of Payment
2019
November 5, 2019	0.46875	5,391	December 27, 2019
August 1, 2019	0.46875	5,391	September 27, 2019
May 3, 2019	0.46875	5,390	June 27, 2019
February 14, 2019	0.46875	5,391	March 27, 2019
2018
November 6, 2018	0.46875	5,391	December 27, 2018
August 2, 2018	0.46875	5,391	September 27, 2018
May 2, 2018	0.46875	5,390	June 27, 2018
February 15, 2018	0.46875	5,391	March 27, 2018



Common Stock	Dividends Declared
	Per Share	In Aggregate	Date of Payment
2019
December 16, 2019	0.50	72,132	January 28, 2020
September 16, 2019	0.45	64,261	October 28, 2019
June 17, 2019	0.45	57,958	July 26, 2019
March 18, 2019	0.45	57,720	April 26, 2019
2018
December 14, 2018	0.42	46,866	January 28, 2019
September 14, 2018	0.42	46,895	October 26, 2018
June 15, 2018	0.42	46,890	July 26, 2018
March 15, 2018	0.42	46,887	April 26, 2018

The following table sets forth the dividends declared per share of our preferred and common stock and their related tax characterization for the fiscal tax years ended December 31, 2019 and 2018.



		Tax Characterization of Dividends
Fiscal Tax Year	Dividends Declared	Ordinary Dividends	Return of Capital	Capital Gain Distribution	Carry Forward
Series A Preferred Stock Dividends
Fiscal tax year 2019 ⁽¹⁾	1.937600	—	1.937600	—	—
Fiscal tax year 2018 ⁽²⁾	1.937600	1.937600	—	—	—

Series B Preferred Stock Dividends
Fiscal tax year 2019	1.937600	—	1.937600	—	—
Fiscal tax year 2018	1.937600	1.937600	—	—	—

Series C Preferred Stock Dividends
Fiscal tax year 2019	1.875000	—	1.875000	—	—
Fiscal tax year 2018	1.875000	1.875000	—	—	—

Common Stock Dividends
Fiscal tax year 2019 ⁽³⁾	1.850000	—	1.350000	—	0.500000
Fiscal tax year 2018 ⁽⁴⁾	1.680000	1.378178	—	—	0.301822


(1)	Excludes preferred stock dividend of $0.4844 per share declared on December 16, 2019 that has a record date of January 1, 2020. This dividend is a 2020 dividend for federal income tax purposes.


(2)	Excludes preferred stock dividend of $0.4844 per share declared on December 14, 2018 that had a record date of January 1, 2019. This dividend is a 2019 dividend for federal income tax purposes.


(3)	Our fourth quarter dividend declared on December 16, 2019 that has a record date of December 27, 2019 was paid on January 28, 2020. This dividend is a 2020 dividend for federal income tax purposes.


(4)	Our fourth quarter dividend declared on December 14, 2018 that had a record date of December 26, 2018 was paid on January 28, 2019. A portion of this dividend, $0.301822 per share, was a 2019 dividend for tax purposes and treated as a return of capital.