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Stockholders' Equity (Tables)
 9 Months Ended
Sep. 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 September 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.
(dollars in thousands)
Class of StockIssuance DateShares Issued and OutstandingCarrying ValueContractual Rate
Redemption Eligible 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 eligible 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 September 30, 2020:
Declaration DateRecord DatePayment DateCash Dividend Per Preferred Share
Series A Preferred Stock:
September 21, 2020October 12, 2020October 27, 2020$0.507810 
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:
September 21, 2020October 12, 2020October 27, 2020$0.476560 
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:
September 21, 2020October 12, 2020October 27, 2020$0.453130 
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:
September 21, 2020October 1, 2020October 15, 2020$0.484375 
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:
September 21, 2020October 1, 2020October 15, 2020$0.468750 
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 nine months ended September 30, 2020 and 2019:
Number of common shares
Common shares outstanding, December 31, 2018248,085,721 
Issuance of common stock24,399,107 
Issuance of restricted stock (1)
412,074 
Repurchase of common stock(1,500)
Common shares outstanding, September 30, 2019272,895,402 
Common shares outstanding, December 31, 2019272,935,731 
Issuance of common stock50,729 
Issuance of restricted stock (1)
813,251 
Repurchase of common stock(105,300)
Common shares outstanding, September 30, 2020273,694,411 
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(1)Represents shares of restricted stock granted under the Second Restated 2009 Equity Incentive Plan, net of forfeitures, of which 1,223,020 restricted shares remained subject to vesting requirements at September 30, 2020.
Common Dividends Declared The following table presents cash dividends declared by the Company on its common stock from December 31, 2018 through September 30, 2020:
Declaration DateRecord DatePayment DateCash Dividend Per Common Share
September 21, 2020October 1, 2020October 29, 2020$0.140000 
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 September 30, 2020 and December 31, 2019 was as follows:
(in thousands)September 30,
2020		December 31,
2019
Available-for-sale securities
Unrealized gains$722,380 $730,043 
Unrealized losses(2,040)(40,643)
Accumulated other comprehensive income$720,340 $689,400 
Reclassification out of Accumulated Other Comprehensive Income The following table summarizes reclassifications out of accumulated other comprehensive income for the three and nine months ended September 30, 2020 and 2019:
Affected Line Item in the Statements of Comprehensive Income (Loss)
Amount Reclassified out of Accumulated Other Comprehensive Income
Three Months EndedNine Months Ended
(in thousands)September 30,September 30,
2020201920202019
Other-than-temporary impairments on AFS securities
Total other-than-temporary impairment losses
$— $5,950 $— $11,004 
Realized gains on sales of certain AFS securities, net of tax
(Loss) gain on investment securities
— (226,790)(471,301)(189,620)
Total$— $(220,840)$(471,301)$(178,616)