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Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2022
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, 2022. 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)
Series AMarch 14, 20175,750,000 $138,872 8.125 %April 27, 2027April 27, 2027
3M LIBOR + 5.660%
Series BJuly 19, 201711,500,000 278,094 7.625 %July 27, 2027July 27, 2027
3M LIBOR + 5.352%
Series CNovember 27, 201711,800,000 285,584 7.250 %January 27, 2025January 27, 2025
3M LIBOR + 5.011%
Total29,050,000 $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 in footnote (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. Each series that becomes callable at the time the stock begins to pay a LIBOR-based rate has existing LIBOR cessation fallback language.
Rollforward of Common Stock
Number of common shares
Common shares outstanding, December 31, 2020273,703,882 
Issuance of common stock27,018 
Non-cash equity award compensation (1)
(12,589)
Common shares outstanding, June 30, 2021273,718,311 
Common shares outstanding, December 31, 2021343,911,324 
Issuance of common stock36,152 
Non-cash equity award compensation (1)
485,633 
Common shares outstanding, June 30, 2022344,433,109 
____________________
(1)See Note 17 - Equity Incentive Plans for further details regarding the Company’s Equity Incentive Plans.
Dividends Declared
Three Months EndedSix Months Ended
June 30,June 30,
(dollars in thousands)2022202120222021
Class of StockAmountPer ShareAmountPer ShareAmountPer ShareAmountPer Share
Series A Preferred Stock$2,920 $0.51 $2,920 $0.51 $5,840 $1.02 $5,840 $1.02 
Series B Preferred Stock$5,481 $0.48 $5,480 $0.48 $10,961 $0.96 $10,960 $0.96 
Series C Preferred Stock$5,347 $0.45 $5,347 $0.45 $10,694 $0.90 $10,694 $0.90 
Series D Preferred Stock (1)
$— $— $— $— $— $— $969 $0.32 
Series E Preferred Stock (1)
$— $— $— $— $— $— $2,500 $0.31 
Common Stock
$58,844 $0.17 $46,759 $0.17 $117,655 $0.34 $93,395 $0.34 
____________________
(1)On March 15, 2021, the Company redeemed all outstanding shares of the Company’s Series D Preferred Stock and Series E Preferred Stock. 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.
Schedule of Accumulated Other Comprehensive Income (Loss) at June 30, 2022 and December 31, 2021 was as follows:
(in thousands)June 30,
2022		December 31,
2021
Available-for-sale securities:
Unrealized gains$57,769 $208,619 
Unrealized losses(207,479)(22,273)
Accumulated other comprehensive (loss) income
$(149,710)$186,346