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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2020
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, 2020. 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, 2020
(dollars in thousands)
Class of StockIssuance DateShares Issued and OutstandingCarrying ValueContractual Rate
Redemption Date (1)
Fixed to Floating Rate Conversion Date (2)
Floating Annual Rate (3)
Fixed-to-Floating Rate
Series AMarch 14, 20175,750,000  $138,872  8.125 %April 27, 2027April 27, 20273M LIBOR + 5.660%
Series BJuly 19, 201711,500,000  278,094  7.625 %July 27, 2027July 27, 20273M LIBOR + 5.352%
Series CNovember 27, 201711,800,000  285,585  7.250 %January 27, 2025January 27, 20253M LIBOR + 5.011%
Fixed Rate
Series DJuly 31, 20183,000,000  74,964  7.750 %July 31, 2018N/AN/A
Series EJuly 31, 20188,000,000  199,986  7.500 %July 31, 2018N/AN/A
Total40,050,000  $977,501  
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(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 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 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, 2018 through June 30, 2020:

Declaration DateRecord DatePayment DateCash Dividend Per Preferred Share
Series A Preferred Stock:
June 18, 2020July 10, 2020July 27, 2020$0.507810  
April 6, 2020April 16, 2020April 29, 2020$0.507810  
December 17, 2019January 10, 2020January 27, 2020$0.507810  
September 19, 2019October 11, 2019October 28, 2019$0.507810  
June 19, 2019July 12, 2019July 29, 2019$0.507810  
March 19, 2019April 12, 2019April 29, 2019$0.507810  
Series B Preferred Stock:
June 18, 2020July 10, 2020July 27, 2020$0.476560  
April 6, 2020April 16, 2020April 29, 2020$0.476560  
December 17, 2019January 10, 2020January 27, 2020$0.476560  
September 19, 2019October 11, 2019October 28, 2019$0.476560  
June 19, 2019July 12, 2019July 29, 2019$0.476560  
March 19, 2019April 12, 2019April 29, 2019$0.476560  
Series C Preferred Stock:
June 18, 2020July 10, 2020July 27, 2020$0.453130  
April 6, 2020April 16, 2020April 29, 2020$0.453130  
December 17, 2019January 10, 2020January 27, 2020$0.453130  
September 19, 2019October 11, 2019October 28, 2019$0.453130  
June 19, 2019July 12, 2019July 29, 2019$0.453130  
March 19, 2019April 12, 2019April 29, 2019$0.453130  
Series D Preferred Stock:
June 18, 2020July 1, 2020July 15, 2020$0.484375  
April 6, 2020April 16, 2020April 29, 2020$0.484375  
December 17, 2019January 1, 2020January 15, 2020$0.484375  
September 19, 2019October 1, 2019October 15, 2019$0.484375  
June 19, 2019July 1, 2019July 15, 2019$0.484375  
March 19, 2019April 1, 2019April 15, 2019$0.484375  
Series E Preferred Stock:
June 18, 2020July 1, 2020July 15, 2020$0.468750  
April 6, 2020April 16, 2020April 29, 2020$0.468750  
December 17, 2019January 1, 2020January 15, 2020$0.468750  
September 19, 2019October 1, 2019October 15, 2019$0.468750  
June 19, 2019July 1, 2019July 15, 2019$0.468750  
March 19, 2019April 1, 2019April 15, 2019$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, 2020 and 2019:
Number of common shares
Common shares outstanding, December 31, 2018248,085,721  
Issuance of common stock24,390,456  
Issuance of restricted stock (1)
423,461  
Common shares outstanding, June 30, 2019272,899,638  
Common shares outstanding, December 31, 2019272,935,731  
Issuance of common stock36,761  
Issuance of restricted stock (1)
832,867  
Repurchase of common stock(105,300) 
Common shares outstanding, June 30, 2020273,700,059  
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(1)Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, net of forfeitures, of which 1,344,292 restricted shares remained subject to vesting requirements at June 30, 2020.
Common Dividends Declared The following table presents cash dividends declared by the Company on its common stock from December 31, 2018 through June 30, 2020:
Declaration DateRecord DatePayment DateCash Dividend Per Common Share
June 18, 2020June 30, 2020July 29, 2020$0.140000  
April 6, 2020April 16, 2020April 29, 2020$0.050000  
December 17, 2019December 31, 2019January 24, 2020$0.400000  
September 19, 2019September 30, 2019October 28, 2019$0.400000  
June 19, 2019July 1, 2019July 29, 2019$0.400000  
March 19, 2019March 29, 2019April 29, 2019$0.470000  
Schedule of Accumulated Other Comprehensive Income (Loss)
Accumulated other comprehensive income at June 30, 2020 and December 31, 2019 was as follows:
(in thousands)June 30,
2020		December 31,
2019
Available-for-sale securities
Unrealized gains$688,736  $730,043  
Unrealized losses(4,612) (40,643) 
Accumulated other comprehensive income$684,124  $689,400  
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, 2020 and 2019:
Affected Line Item in the Statements of Comprehensive (Loss) Income
Amount Reclassified out of Accumulated Other Comprehensive Income
Three Months EndedSix Months Ended
(in thousands)June 30,June 30,
2020201920202019
Other-than-temporary impairments on AFS securities
Total other-than-temporary impairment losses
$—  $4,848  $—  $5,054  
Realized (gains) losses on sales of certain AFS securities, net of tax
Gain (loss) on investment securities
(38,305) 9,064  (471,301) 37,170  
Provision for credit losses on AFS securities
Gain (loss) on investment securities
1,193  —  42,583  —  
Total$(37,112) $13,912  $(428,718) $42,224