Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Preferred Stock

The following table displays our senior preferred stock and preferred stock outstanding.

		Issued and Outstanding as of December 31,									Annual Dividend Rate as of December 31, 2022
		2022			2021			Stated Value per Share
Title	Issue Date	Shares	Amount		Shares	Amount								Redeemable on or After
(Dollars and shares in millions, except per share amounts)
Senior Preferred Stock
Series 2008-2	September 8, 2008	1	$	120,836	1	$	120,836	$	120,836	(1)	N/A		(2)	N/A	(3)
Preferred Stock
Series D	September 30, 1998	3	$	150	3	$	150	$	50		5.250	%		September 30, 1999
Series E	April 15, 1999	3	150		3	150		50			5.100			April 15, 2004
Series F	March 20, 2000	14	690		14	690		50			2.016		(4)	March 31, 2002	(5)
Series G	August 8, 2000	6	288		6	288		50			4.024		(6)	September 30, 2002	(5)
Series H	April 6, 2001	8	400		8	400		50			5.810			April 6, 2006
Series I	October 28, 2002	6	300		6	300		50			5.375			October 28, 2007
Series L	April 29, 2003	7	345		7	345		50			5.125			April 29, 2008
Series M	June 10, 2003	9	460		9	460		50			4.750			June 10, 2008
Series N	September 25, 2003	5	225		5	225		50			5.500			September 25, 2008
Series O	December 30, 2004	50	2,500		50	2,500		50			7.000		(7)	December 31, 2007
Convertible Series 2004-I(8)	December 30, 2004	—	2,492		—	2,492		100,000			5.375			January 5, 2008
Series P	September 28, 2007	40	1,000		40	1,000		25			5.504		(9)	September 30, 2012
Series Q	October 4, 2007	15	375		15	375		25			6.750			September 30, 2010
Series R(10)	November 21, 2007	21	530		21	530		25			7.625			November 21, 2012
Series S	December 11, 2007	280	7,000		280	7,000		25			8.984		(11)	December 31, 2010	(12)
Series T(13)	May 19, 2008	89	2,225		89	2,225		25			8.250			May 20, 2013
Total		556	$	19,130	556	$	19,130

(1)Initial stated value per share was $1,000. Based on our draws of funds under the senior preferred stock purchase agreement with Treasury, the stated value per share on December 31, 2022 was $120,836.

(2)Dividends on the senior preferred stock are currently calculated based on our net worth as of the end of the immediately preceding fiscal quarter less an applicable capital reserve amount. The capital reserve amount, starting with the quarterly dividend period ending on December 31, 2020, increased to the amount of adjusted total capital necessary for us to meet the capital requirements and buffers set forth in the enterprise regulatory capital framework described in “Note 12, Regulatory Capital Requirements.”

(3)Any liquidation preference of our senior preferred stock in excess of $1 billion may be repaid through an issuance of common or preferred stock, which would require the consent of the conservator and Treasury. The initial $1 billion liquidation preference may be repaid only in conjunction with termination of Treasury’s funding commitment under the senior preferred stock purchase agreement.

(4)Rate effective March 31, 2022. Variable dividend rate resets every two years at a per annum rate equal to the two-year Constant Maturity U.S. Treasury Rate (“CMT”) minus 0.16% with a cap of 11% per year.

(5)Represents initial call date. Redeemable every two years thereafter.

(6)Rate effective September 30, 2022. Variable dividend rate resets every two years at a per annum rate equal to the two-year CMT rate minus 0.18% with a cap of 11% per year.

(7)Rate effective December 31, 2022. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7% or 10-year CMT rate plus 2.375%.

(8)Issued and outstanding shares were 24,922 as of December 31, 2022 and 2021.

(9)Rate effective December 31, 2022. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 4.5% or 3-Month LIBOR plus 0.75%.

(10)On November 21, 2007, we issued 20 million shares of preferred stock in the amount of $500 million. Subsequent to the initial issuance, we issued an additional 1.2 million shares in the amount of $30 million on December 14, 2007 under the same terms as the initial issuance.

(11)Rate effective December 31, 2022. Variable dividend rate resets quarterly thereafter at a per annum rate equal to the greater of 7.75% or 3-Month LIBOR plus 4.23%.

(12)Represents initial call date. Redeemable every five years thereafter.

(13)On May 19, 2008, we issued 80 million shares of preferred stock in the amount of $2 billion. Subsequent to the initial issuance, we issued an additional 8 million shares in the amount of $200 million on May 22, 2008 and 1 million shares in the amount of $25 million on June 4, 2008 under the same terms as the initial issuance.