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Stockholders' Equity
 9 Months Ended
Sep. 30, 2020
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Authorized Capital
As of September 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 September 30, 2020.
Dividends
During the nine months ended September 30, 2020, the Company declared the following dividends on its common stock:
Declaration DateRecord DatePayment DatePer Share
January 15, 2020January 31, 2020February 10, 2020$0.10
February 14, 2020February 29, 2020March 10, 2020$0.10
March 16, 2020March 31, 2020April 10, 2020$0.10
The Company and its Board of Directors suspended the Company’s monthly stock dividend beginning with the monthly period ended 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 September 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 saleUnrealized gain on net investment hedgesForeign 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)— 10,581 (16,324)
Amounts reclassified from AOCI84,269 — — 84,269 
Net current period OCI57,364 — 10,581 67,945 
AOCI at June 30, 2020$— $47,127 $(21,887)$25,240 
Other comprehensive income (loss) before reclassification6,018 — 11,443 17,461 
Amounts reclassified from AOCI(1,748)— — (1,748)
Net current period OCI4,270 — 11,443 15,713 
AOCI at September 30, 2020$4,270 $47,127 $(10,444)$40,953 
(in thousands)Unrealized gain (loss) on real estate securities, available for saleUnrealized gain on net investment hedgesForeign currency translation gain (loss)Total
AOCI at December 31, 2018$(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 income7,679 916 3,832 12,427 
AOCI at June 30, 2019$15,914 $19,175 $(9,542)$25,547 
Other comprehensive income (loss)4,983 12,492 (14,107)3,368 
AOCI at September 30, 2019$20,897 $31,667 $(23,649)$28,915 

Changes in Components of AOCI - Noncontrolling Interests in the OP
(in thousands)Unrealized gain (loss) on real estate securities, available for saleUnrealized gain (loss) on net investment hedgesForeign 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)— 259 (613)
Amounts reclassified from AOCI2,016 — — 2,016 
Net current period OCI1,144 — 259 1,403 
AOCI at June 30, 2020$— $1,402 $(997)$405 
Other comprehensive income (loss) before reclassification63 — 298 361 
Amounts reclassified from AOCI(42)— — (42)
Net current period OCI21 — 298 319 
AOCI at September 30, 2020$21 $1,402 $(699)$724 
(in thousands)Unrealized gain (loss) on real estate securities, available for saleUnrealized gain on net investment hedgesForeign currency translation gain (loss)Total
AOCI at December 31, 2018$(32)$268 $(246)$(10)
Other comprehensive income (loss)228 173 (77)324 
AOCI at March 31, 2019$196 $441 $(323)$314 
Other comprehensive income184 22 91 297 
AOCI at June 30, 2019$380 $463 $(232)$611 
Other comprehensive income (loss)119 299 (338)80 
AOCI at September 30, 2019$499 $762 $(570)$691 
Changes in Components of AOCI - Noncontrolling Interests in investment entities
(in thousands)Unrealized gain (loss) on real estate securities, available for saleUnrealized gain (loss) on net investment hedgesForeign currency translation gain (loss)Total
AOCI at December 31, 2019$— $— $— $— 
Other comprehensive income— — — — 
AOCI at March 31, 2020$— $— $— $— 
Other comprehensive income— — 257 257 
AOCI at June 30, 2020$— $— $257 $257 
Other comprehensive income— — 915 915 
AOCI at September 30, 2020$— $— $1,172 $1,172 

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

(in thousands)
Component of AOCI reclassified into earningsNine Months Ended September 30, 2020Affected Line Item in the Consolidated Statements of Operations
Realized loss on sale of real estate securities$(50,677)Other gain (loss), net
Impairment of real estate securities(31,844)Other gain (loss), net
The Company had no reclassifications from AOCI for the nine months ended September 30, 2019.