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CAPITAL STOCK | 3 Months Ended
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Mar. 31, 2023
Equity [Abstract] |
CAPITAL STOCK |
14. CAPITAL STOCK
(A) Common Stock The following table provides a summary of the Company’s common shares authorized, and issued and outstanding at March 31, 2023 and December 31, 2022.
| Shares authorized |  | Shares issued and outstanding |
| March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022 | Par Value
Common stock | 2,936,500,000 |  |  | 2,936,500,000 |  |  | 493,880,938 |  |  | 468,309,810 |  | $0.01
In December 2020, the Company announced that its Board of Directors (“Board”) authorized the repurchase of up to $1.5 billion of its outstanding common shares through December 31, 2021 (the “Prior Share Repurchase Program”). In January 2022, the Company announced that its Board authorized the repurchase of up to $1.5 billion of its outstanding shares of common stock through December 31, 2024 (the “Current Share Repurchase Program”). The Current Share Repurchase Program replaced the Prior Share Repurchase Program. During the three months ended March 31, 2023 and 2022, no shares were purchased under the Current Share Repurchase Program or Prior Share Repurchase Program.
On August 6, 2020, the Company entered into separate Amended and Restated Distribution Agency Agreements (as amended by Amendment No. 1 to the Amended and Restated Distribution Agency Agreements on August 6, 2021 and Amendment No. 2 to the Amended and Restated Distribution Agency Agreements on November 3, 2022, collectively, the “Sales Agreements”) with each of Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC, Keefe, Bruyette & Woods, Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC (collectively, the “Sales Agents”). Pursuant to the Sales Agreements, the Company may offer and sell shares of its common stock, having an aggregate offering price of up to $1.5 billion, from time to time through any of the Sales Agents (the “at-the-market sales program”). During the three months ended March 31, 2023, under the at-the-market sales program, the Company issued 25.3 million shares for proceeds of $562.7 million, net of commissions and fees. During the three months ended March 31, 2022, under the at-the-market sales program, the Company issued 0.2 million shares, as retroactively adjusted to reflect the effects of the Reverse Stock Split, for proceeds of $6.2 million, net of commissions and fees. (B) Preferred Stock The following is a summary of the Company’s cumulative redeemable preferred stock outstanding at March 31, 2023 and December 31, 2022. In the event of a liquidation or dissolution of the Company, the Company’s then outstanding preferred stock takes precedence over the Company’s common stock with respect to payment of dividends and the distribution of assets.
| Shares Authorized |  | Shares Issued And Outstanding |  | Carrying Value | Contractual Rate | Earliest Redemption Date (1) | Date At Which Dividend Rate Becomes Floating | Floating Annual Rate
| March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022 |  | March 31, 2023 |  | December 31, 2022
Fixed-to-floating rate
Series F | 28,800,000 |  |  | 28,800,000 |  |  | 28,800,000 |  |  | 28,800,000 |  |  | 696,910 |  |  | 696,910 |  | 6.95% | 9/30/2022 | 9/30/2022 | 3M LIBOR + 4.993%
Series G | 17,000,000 |  |  | 17,000,000 |  |  | 17,000,000 |  |  | 17,000,000 |  |  | 411,335 |  |  | 411,335 |  | 6.50% | 3/31/2023 | 3/31/2023 | 3M LIBOR + 4.172%
Series I | 17,700,000 |  |  | 17,700,000 |  |  | 17,700,000 |  |  | 17,700,000 |  |  | 428,324 |  |  | 428,324 |  | 6.75% | 6/30/2024 | 6/30/2024 | 3M LIBOR + 4.989%
Total | 63,500,000 |  |  | 63,500,000 |  |  | 63,500,000 |  |  | 63,500,000 |  |  | $ | 1,536,569 |  |  | $ | 1,536,569 |  |  |  |  |
(1) Subject to the Company’s right under limited circumstances to redeem preferred stock earlier in order to preserve its qualification as a REIT or under limited circumstances related to a change in control of the Company.
Each series of preferred stock has a par value of $0.01 per share and a liquidation and redemption price of $25.00, plus accrued and unpaid dividends through their redemption date. Through March 31, 2023, the Company had declared and paid all required quarterly dividends on the Company’s preferred stock. The Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, Series G Fixed-to-Floating Rate Cumulative Preferred Stock and Series I Fixed-to-Floating Rate Cumulative Preferred Stock rank senior to the common stock of the Company. On November 3, 2022, the Company’s Board of Directors approved a repurchase plan for all of its existing outstanding Preferred Stock (as defined below, the “Preferred Stock Repurchase Program”). Under the terms of the plan, the Company is authorized to repurchase up to an aggregate of 63,500,000 shares of Preferred Stock, comprised of up to (i) 28,800,000 shares of its 6.95% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series F Preferred Stock”), (ii) 17,000,000 shares of its 6.50% Series G Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series G Preferred Stock”), and (iii) 17,700,000 shares of its 6.75% Series I Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series I Preferred Stock”, and together with Series F Preferred Stock and Series G Preferred Stock, the “Preferred Stock”). The aggregate liquidation value of the Preferred Stock that may be repurchased by the Company pursuant to the Preferred Stock Repurchase Program, as of November 3, 2022, was approximately $1.6 billion. The Preferred Stock Repurchase Program became effective on November 3, 2022, and shall expire on December 31, 2024. No shares were repurchased with respect to the Preferred Stock Repurchase Program during the three months ended March 31, 2023. (C) Distributions to Stockholders The following table provides a summary of the Company’s dividend distribution activity for the periods presented:
| For the Three Months Ended |  |
| March 31, 2023 |  | March 31, 2022 |  |  |  |
| (dollars in thousands, except per share data)
Dividends and dividend equivalents declared on common stock and share-based awards | $ | 322,499 |  |  | $ | 322,197 |  |  |  |  |
Distributions declared per common share | $ | 0.65 |  |  | $ | 0.88 |  |  |  |  |
Distributions paid to common stockholders after period end | $ | 321,023 |  |  | $ | 321,423 |  |  |  |  |
Distributions paid per common share after period end | $ | 0.65 |  |  | $ | 0.88 |  |  |  |  |
Date of distributions paid to common stockholders after period end | April 28, 2023 |  | April 29, 2022 |  |  |  |
Dividends declared to series F preferred stockholders | $ | 17,502 |  |  | $ | 12,510 |  |  |  |  |
Dividends declared per share of series F preferred stock | $ | 0.608 |  |  | $ | 0.434 |  |  |  |  |
Dividends declared to series G preferred stockholders | $ | 6,906 |  |  | $ | 6,906 |  |  |  |  |
Dividends declared per share of series G preferred stock | $ | 0.406 |  |  | $ | 0.406 |  |  |  |  |
Dividends declared to series I preferred stockholders | $ | 7,467 |  |  | $ | 7,467 |  |  |  |  |
Dividends declared per share of series I preferred stock | $ | 0.422 |  |  | $ | 0.422 |  |  |  |  |

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