EQUITY

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

EQUITY

EQUITY

Common Stock

On December 11, 2019, the Company established an at-the-market equity offering program (the “Prior ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $400.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. On August 6, 2021, the Company terminated the Prior ATM Program pursuant to its termination rights.

During the years ended December 31, 2021 and 2020, the Company sold 2.2 million and 3.7 million shares under the Prior ATM Program, respectively, at an average price of $17.78 and $16.23 per share, respectively, generating gross proceeds of $38.8 million (before $0.6 million of commissions) and $60.0 million (before $0.9 million of commissions), respectively, (excluding sales utilizing the forward feature of the Prior ATM Program, as described below).

Additionally, during the years ended December 31, 2021 and 2020, the Company utilized the forward feature of the Prior ATM Program to allow for the sale of up to 6.8 million and 2.6 million shares of the Company’s common stock, respectively, at an initial weighted average price of $17.49 and $17.44 per share, net of commissions, respectively. During the years ended December 31, 2021 and 2020, the Company settled 7.9 million (inclusive of the 6.8 million shares referenced in the immediately preceding sentence, and constituting all of the open forward positions under the Prior ATM Program) and 1.4 million shares, respectively, at a weighted average net price of $17.36 and $17.45 per share, after commissions and fees, respectively, resulting in net proceeds of $137.0 million and $25.0 million, respectively.

On August 6, 2021, the Company established a new at-the-market equity offering program (the “ATM Program”) pursuant to which shares of its common stock having an aggregate gross sales price of up to $500.0 million may be sold from time to time (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. On November 9, 2022, the Company terminated the ATM Program.

During the year ended December 31, 2021, the Company utilized the forward feature of the ATM Program to allow for the sale of up to 1.7 million shares of the Company’s common stock at an initial weighted average price of $14.56 per share, net of commissions, and settled all of the open forward positions under the ATM Program by issuing 1.7 million shares at a weighted average net price of $14.23 per share, after commissions and fees, resulting in net proceeds of $24.2 million. No other shares were sold under the ATM Program during the year ended December 31, 2021. No shares were sold under the ATM Program and the Company did not utilize the forward feature of the ATM Program during the period from January 1, 2022 to November 9, 2022.

On October 15, 2021, the Company completed an underwritten public offering of 7.8 million newly issued shares of its common stock pursuant to an effective registration statement. The Company received net proceeds, before expenses, of $112.6 million from the offering at a price of $14.40 per share. These proceeds were used to fund a portion of one of the Company’s mortgage loan investments.

During the years ended December 31, 2022, 2021 and 2020, the Company issued 0.6 million, 0.2 million and 0.2 million shares, respectively, of common stock as a result of restricted stock unit vestings.

Upon any payment of shares to team members as a result of restricted stock unit vestings, the team members’ related tax withholding obligation will generally be satisfied by the Company, reducing the number of shares to be delivered by a number of shares necessary to satisfy the related applicable tax withholding obligation. During the years ended December 31, 2022, 2021 and 2020, the Company incurred $3.3 million, $2.1 million and $3.2 million, respectively, in tax withholding obligations on behalf of its team members that were satisfied through a reduction in the number of shares delivered to those participants.

Accumulated Other Comprehensive Income (Loss)

The following is a summary of the Company’s accumulated other comprehensive income (loss) (in thousands):

	As of December 31,
	2022		2021
Foreign currency translation gain (loss)	$	1,168	$	(1,973)
Unrealized gain (loss) on cash flow hedges	17,895		(8,048)
Total accumulated other comprehensive income (loss)	$	19,063	$	(10,021)