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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
Total
Series B Preferred Stock
Series C Preferred Stock
Preferred Stock
Series B Preferred Stock
Preferred Stock
Series C Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Deficit
Series B Preferred Stock
Accumulated Deficit
Series C Preferred Stock
Accumulated Other Comprehensive Income
Balance (in shares) at Dec. 31, 2020       8,000 11,000 112,929          
Beginning balance at Dec. 31, 2020 $ 2,524,802     $ 80 $ 110 $ 1,129 $ 3,851,517 $ (1,405,327)     $ 77,293
Increase (Decrease) in Stockholders' Equity                      
Net Income 85,522             85,522      
Issuance of stock, net of expenses (in shares)           139          
Issuance of common stock, net of expenses 382         $ 1 381        
Repurchase of shares of common stock (in shares) [1]           (1,540)          
Repurchase of shares of common stock [1] (25,136)         $ (15) (25,121)        
Equity based compensation expense 1,686           1,686        
Change in accrued dividends attributable to stock-based awards 489           489        
Dividends declared on common stock [2] (33,521)             (33,521)      
Dividends declared on preferred stock   $ (3,750) $ (4,468)           $ (3,750) $ (4,468)  
Dividends attributable to dividend equivalents (120)             (120)      
Change in unrealized gains on securities, net (3,855)                   (3,855)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk 235                   235
Balance (in shares) at Mar. 31, 2021       8,000 11,000 111,528          
Ending balance at Mar. 31, 2021 $ 2,542,266     $ 80 $ 110 $ 1,115 3,828,952 (1,361,664)     73,673
Increase (Decrease) in Stockholders' Equity                      
Dividend declared per share, common stock (in dollars per share) $ 0.30                    
Balance (in shares) at Dec. 31, 2020       8,000 11,000 112,929          
Beginning balance at Dec. 31, 2020 $ 2,524,802     $ 80 $ 110 $ 1,129 3,851,517 (1,405,327)     77,293
Increase (Decrease) in Stockholders' Equity                      
Net Income 152,236                    
Dividends declared on preferred stock (16,438)                    
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk 726                    
Balance (in shares) at Jun. 30, 2021       8,000 11,000 110,203          
Ending balance at Jun. 30, 2021 2,526,537     $ 80 $ 110 $ 1,102 3,808,136 (1,347,466)     64,575
Balance (in shares) at Mar. 31, 2021       8,000 11,000 111,528          
Beginning balance at Mar. 31, 2021 2,542,266     $ 80 $ 110 $ 1,115 3,828,952 (1,361,664)     73,673
Increase (Decrease) in Stockholders' Equity                      
Net Income 66,714             66,714      
Issuance of stock, net of expenses (in shares)           90          
Issuance of common stock, net of expenses 398         $ 1 397        
Repurchase of shares of common stock (in shares) [1]           (1,415)          
Repurchase of shares of common stock [1] (23,741)         $ (14) (23,727)        
Equity based compensation expense 2,741           2,741        
Change in accrued dividends attributable to stock-based awards (288)           (227) (61)      
Dividends declared on common stock [2] (44,081)             (44,081)      
Dividends declared on preferred stock (8,219) (3,750) (4,469)           (3,750) (4,469)  
Dividends attributable to dividend equivalents (155)             (155)      
Change in unrealized gains on securities, net (9,589)                   (9,589)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk 491                   491
Balance (in shares) at Jun. 30, 2021       8,000 11,000 110,203          
Ending balance at Jun. 30, 2021 $ 2,526,537     $ 80 $ 110 $ 1,102 3,808,136 (1,347,466)     64,575
Increase (Decrease) in Stockholders' Equity                      
Dividend declared per share, common stock (in dollars per share) $ 0.40                    
Balance (in shares) at Dec. 31, 2021       8,000 11,000 108,138          
Beginning balance at Dec. 31, 2021 $ 2,542,848     $ 80 $ 110 $ 1,082 3,775,482 (1,279,484)     45,578
Increase (Decrease) in Stockholders' Equity                      
Net Income (82,906)             (82,906)      
Issuance of stock, net of expenses (in shares)           150          
Issuance of common stock, net of expenses 486         $ 1 485        
Repurchase of shares of common stock (in shares) [3]           (3,252)          
Repurchase of shares of common stock [3] (55,742)         $ (33) (55,709)        
Equity based compensation expense 2,642           2,642        
Change in accrued dividends attributable to stock-based awards (76)           74 (150)      
Dividends declared on common stock [4] (46,215)             (46,215)      
Dividends declared on preferred stock   (3,750) (4,469)           (3,750) (4,469)  
Dividends attributable to dividend equivalents (141)             (141)      
Change in unrealized gains on securities, net (4,977)                   (4,977)
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk 1,255                   1,255
Balance (in shares) at Mar. 31, 2022       8,000 11,000 105,036          
Ending balance at Mar. 31, 2022 $ 2,348,955     $ 80 $ 110 $ 1,050 3,722,974 (1,417,115)     41,856
Increase (Decrease) in Stockholders' Equity                      
Dividend declared per share, common stock (in dollars per share) $ 0.44                    
Balance (in shares) at Dec. 31, 2021       8,000 11,000 108,138          
Beginning balance at Dec. 31, 2021 $ 2,542,848     $ 80 $ 110 $ 1,082 3,775,482 (1,279,484)     45,578
Increase (Decrease) in Stockholders' Equity                      
Net Income (183,273)                    
Dividends declared on preferred stock (16,438)                    
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk 1,255                    
Balance (in shares) at Jun. 30, 2022       8,000 11,000 101,793          
Ending balance at Jun. 30, 2022 2,146,388     $ 80 $ 110 $ 1,018 3,679,078 (1,570,817)     36,919
Balance (in shares) at Mar. 31, 2022       8,000 11,000 105,036          
Beginning balance at Mar. 31, 2022 2,348,955     $ 80 $ 110 $ 1,050 3,722,974 (1,417,115)     41,856
Increase (Decrease) in Stockholders' Equity                      
Net Income (100,367)             (100,367)      
Issuance of stock, net of expenses (in shares)           38          
Issuance of common stock, net of expenses 553         $ 1 552        
Repurchase of shares of common stock (in shares) [3]           (3,281)          
Repurchase of shares of common stock [3] (47,512)         $ (33) (47,479)        
Equity based compensation expense 3,540           3,540        
Change in accrued dividends attributable to stock-based awards (662)           (509) (153)      
Dividends declared on common stock (44,789)             (44,789)      
Dividends declared on preferred stock (8,219) $ (3,750) $ (4,469)           $ (3,750) $ (4,469)  
Dividends attributable to dividend equivalents (174)             (174)      
Change in unrealized gains on securities, net (4,937)                   (4,937)
Derivative hedging instrument fair value changes and amortization, net 0                    
Changes in fair value of financing agreements at fair value due to changes in instrument-specific credit risk 0                    
Balance (in shares) at Jun. 30, 2022       8,000 11,000 101,793          
Ending balance at Jun. 30, 2022 $ 2,146,388     $ 80 $ 110 $ 1,018 $ 3,679,078 $ (1,570,817)     $ 36,919
Increase (Decrease) in Stockholders' Equity                      
Dividend declared per share, common stock (in dollars per share) $ 0.44                    
[1] For the six months ended June 30, 2021, includes approximately $799,000 (53,281 shares) surrendered for tax purposes related to equity-based compensation awards
[2] The $0.30 and $0.40 per share dividend amounts for the three months ended March 31, 2021, and June 30, 2021, respectively, have been adjusted to reflect the Company’s 1-for-4 reverse stock split effected on April 4, 2022; the dividends actually paid in respect of such dividends were $0.075 and $0.10 per share, respectively, which were based on the pre-split number of shares held by stockholders at the record dates for such dividends (March 31, 2021 and June 30, 2021, respectively).
[3] For the six months ended June 30, 2022 includes approximately $1.0 million (56,690 shares) surrendered for tax purposes related to equity-based compensation awards.
[4] The per share dividend amount of $0.44 for the three months ended March 31, 2022 has been adjusted to reflect the Company’s 1-for-4 reverse stock split effected on April 4, 2022; the amount actually paid in respect of such dividend was $0.11 per share, which was based on the pre-split number of shares held by stockholders at the record date for such dividend (March 22, 2022).