Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Authorized Capital

As of June 30, 2020, the Company had the authority to issue up to 1.0 billion shares of stock, at $0.01 par value per share, consisting of 950.0 million shares of Class A common stock and 50.0 million shares of preferred stock. On February 1, 2019, the Class B-3 common stock automatically converted to Class A common stock and each unissued share of Class B-3 common stock was automatically reclassified as one share of Class A common stock.

The Company had no shares of preferred stock issued and outstanding as of June 30, 2020.

Dividends

During the six months ended June 30, 2020, the Company declared the following dividends on its common stock:

Declaration Date	Record Date	Payment Date	Per Share
January 15, 2020	January 31, 2020	February 10, 2020	$0.10
February 14, 2020	February 29, 2020	March 10, 2020	$0.10
March 16, 2020	March 31, 2020	April 10, 2020	$0.10

The Company and its Board of Directors suspended the Company’s monthly stock dividend beginning with the monthly period ending April 30, 2020.

Stock Repurchase Program

The Company’s Board of Directors authorized a stock repurchase program (the “Stock Repurchase Program”), under which the Company could repurchase up to $300.0 million of its outstanding Class A common stock until March 31, 2020. On February 18, 2020, the Company’s Board of Directors voted to extend the Stock Repurchase Program through March 31, 2021. Under the Stock Repurchase Program, the Company may repurchase shares in open market purchases, through tender offers or otherwise in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended.

As of June 30, 2020, the Company had not repurchased any shares under the Stock Repurchase Program.

Accumulated Other Comprehensive Income (Loss)

The following tables present the changes in each component of Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to stockholders and noncontrolling interests in the OP, net of immaterial tax effect.

Changes in Components of AOCI - Stockholders

(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total
AOCI at December 31, 2019	$	15,909	$	25,872	$	(13,487)	$	28,294
Other comprehensive income (loss)	(73,273)		21,255		(18,981)		(70,999)
AOCI at March 31, 2020	$	(57,364)	$	47,127	$	(32,468)	$	(42,705)
Other comprehensive loss before reclassification	(26,905)		—		—		(26,905)
Amounts reclassified from AOCI	84,269		—		—		84,269
Net current period OCI	57,364		—		10,581		67,945
AOCI at June 30, 2020	$	—	$	47,127	$	(21,887)	$	25,240

(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total
AOCI at December 31, 2018	$	(1,295)	$	11,037	$	(10,141)	$	(399)
Other comprehensive income (loss)	9,530		7,222		(3,233)		13,519
AOCI at March 31, 2019	$	8,235	$	18,259	$	(13,374)	$	13,120
Other comprehensive income	7,679		916		3,832		12,427
AOCI at June 30, 2019	$	15,914	$	19,175	$	(9,542)	$	25,547

Changes in Components of AOCI - Noncontrolling Interests in the OP

(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain (loss) on net investment hedges		Foreign currency translation gain (loss)		Total
AOCI at December 31, 2019	$	612	$	893	$	(801)	$	704
Other comprehensive income (loss)	(1,756)		509		(455)		(1,702)
AOCI at March 31, 2020	$	(1,144)	$	1,402	$	(1,256)	$	(998)
Other comprehensive income before reclassification	(872)		—		—		(872)
Amounts reclassified from AOCI	2,016		—		—		2,016
Net current period OCI	1,144		—		259		1,403
AOCI at June 30, 2020	$	—	$	1,402	$	(997)	$	405

(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain on net investment hedges		Foreign currency translation gain (loss)		Total
AOCI at December 31, 2018	$	(32)	$	268	$	(246)	$	(10)
Other comprehensive income (loss)	228		173		(77)		324
AOCI at March 31, 2019	$	196	$	441	$	(323)	$	314
Other comprehensive income	184		22		91		297
AOCI at June 30, 2019	$	380	$	463	$	(232)	$	611

Changes in Components of AOCI - Noncontrolling Interests in investment entities

(in thousands)	Unrealized gain (loss) on real estate securities, available for sale		Unrealized gain (loss) on net investment hedges		Foreign currency translation gain (loss)		Total
AOCI at December 31, 2019	$	—	$	—	$	—	$	—
Other comprehensive income (loss)	—		—		—		—
AOCI at March 31, 2020	$	—	$	—	$	—	$	—
Other comprehensive income	—		—		257		257
AOCI at June 30, 2020	$	—	$	—	$	257	$	257

The following table presents the details of the reclassifications from AOCI for the six months ended June 30, 2020:

(in thousands)
Component of AOCI reclassified into earnings	Six Months Ended June 30, 2020		Affected Line Item in the Consolidated Statements of Operations
Realized loss on sale of real estate securities	$	(57,364)	Other gain (loss), net
Impairment of real estate securities	(26,905)		Other gain (loss), net

The Company had no reclassifications from AOCI for the six months ended June 30, 2019.